Summary of Kotak Saral Jeevan Bima Plan
Kotak Saral Jeevan Bima Plan is a simple term insurance plan which offers the best form of life insurance protection at low costs.
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Key Features of Kotak Saral Jeevan Bima Policy
- Simple term insurance to provide financial security to your family
- Flexibility of a limited premium payment period
- Special rates for female lives
- Premiums can be paid monthly, quarterly, half-yearly or annually
- The plan can be purchased online
- Tax Benefits on Premiums paid and Death Benefit
Benefits of Kotak Saral Jeevan Bima Policy
In case of death of the policyholder during the policy term, the Sum Assured on Death will be paid to the nominee. The Sum Assured on Death on all these options is defined as:
For Regular and Limited Payment Options, higher of -
- 10 times of Annualised Premium
- Cover amount
- 105% of the Total Premiums Paid as on date of death
For Single Pay Option, higher of -
- Cover amount
- 1.25 times the Single Premium
This plan has a waiting period of 45 days from the date of acceptance of risk. In case of death of the policyholder during the 45 day waiting period, the total premiums paid will be returned to the nominee. However, if the death is due to an accident, the total Sum Assured on Death is paid to the nominee.
Eligibility Parameters for the Kotak Saral Jeevan Bima Policy
|Age at Maturity
||Regular & Single Pay - 5 years
Limited Pay 5 - 6 years
Limited Pay 15 - 11 years
|Premium Payment Term
||Regular Pay - Same as policy term
Limited Pay - 5 or 10 year
|Premium Payment Mode
||Single, Monthly, Quarterly, Half-yearly, Annually
As you can observe, you have a Limited Pay Option, where you can pay only for 5 or 10 years and enjoy policy terms of 40 years.
Other Features of Kotak Saral Jeevan Bima Policy
Freelook Period -
In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. The can cancel the policy within the freelook period as defined here:
Surrender Value -
- Within 15 days in case the policy is not purchased electronically or through distance marketing
- Within 30 days in case the policy is purchased electronically or through distance marketing
There is no surrender value in this plan.
In case you have missed the premiums and the policy has lapsed, you can revive the policy within 5 years from the last unpaid due date, but before the policy term expiry. You will have to pay all unpaid premiums without any interest.
Suicide Exclusion -
In case of death of the polilcyholder due to suicide with 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as follows:
- For Regular/Limited premium plans - 80% of the premiums paid will be refunded
- For Single premium plans - 90% of the premium paid will be refunded
This pretty much explains the working of this plan. In case you have any questions on this plan, please drop a comment and we will get back to you.
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